Market Commentary

Market commentary - May 2, 2022 - HDFC Securities

Posted On : 2022-05-02 23:08:26( TIMEZONE : IST )

Market commentary - May 2, 2022 - HDFC Securities

Mr. Nandish Shah - Deputy Vice President Retail Research, HDFC Securities

Post gap down opening on the back of weak overnight cues, Indian Markets recovered sharply and closed near day's high. Nifty ended the day with the minor losses of 33 points to close at 17069 levels.

The recovery in the market was led by Banking, FMCG and Metal stocks, while Consumer durables, Auto and IT sector ended in the red.

Nifty midcap and small cap index underperformed the Benchmark Indices by falling 0.6% and 1.34% respectively. Declining shares outnumbered the advancing shares.

American market futures turned in to the green which also helped the sentiment. On daily charts, nifty has formed double bottom around 16900 levels. Short term traders should hold Nifty longs with the strict stop loss of 16824. Considering the choppiness in the current trend, any pull back rally can be utilized to lighten the long commitments. Trend of Nifty would be considered bearish unless it surpasses 17414 resistance in the short term.

Source : Equity Bulls


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